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New England News

Vermont Treasurer Warns Against Affordable Housing Bond

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Vermont's State Treasurer is warning lawmakers against approving another affordable housing bond, saying that taking on long-term debt could affect the state's financial position.

Treasurer Beth Pierce says while she supports investing in affordable housing, it would be better to allocate smaller amounts in funding annually over time.

Vermont Public Radio reports Pierce says issuing another housing bond after rating's agency Moody's downgraded the state's bond rating last year is a concern.

She says of the $38 million Vermont committed to the 2017 bond initiative, more than $14 million will go toward interest payments.

Chittenden County Sen. Michael Sirotkin says the state needs more affordable housing.

He says the debt could be paid for with new property transfer taxes and collecting rooms tax from online booking agents.

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